Hudson Has Buy On China Marine Food Group (CMFO)

Hudson Securities has a Buy rating and a $8 price target on shares of China Marine Food Group Limited CMFO. It lowered its price target to $8 from $10. In a research note sent to clients, Hudson writes, "We are maintaining our Buy recommendation for the common shares of China Marine Food Group Limited (CMFO) but are lowering our target price to $8 from $10. We increased our 2010 and 2011 revenues estimates to account for growth but are taking a conservative approach to our bottom line to adjust for the continuing selling, marketing and promotional activities that may occur in 2011. Our $8 target price is based on a 10x multiple of our 2011 estimated EPS." Shares of CMFO are down 78 cents this morning to $5.97, a loss of 11.5%.